Yang Hansen officially changes owner! NBA Board approves sale of Trail Blazers: valuation at $4.25 billion

On March 31 Beijing time, the NBA officially announced that the league's board of directors has approved the sale of the controlling stake of the Portland Trail Blazers to an investment group led by Tom Dundon, who will serve as the team's chairman. The transaction is expected to be completed this week. This also means Yang Hansen is officially getting a new owner.

This transaction is valued at approximately $4.25 billion, marking the first time since 1988 that the Trail Blazers will no longer be held by Paul Allen or his sister Jody Allen. The acquisition will be completed in two stages:

Purchase of 80.1% of shares at a valuation of $4 billion, with completion of delivery on April 1 (Beijing time, same below);

Purchase of the remaining 19.9% of shares at a valuation of $4.5 billion, to be completed no later than September 2, 2028.

According to informed sources, during the transition period from April 1, 2026 until the completion of the second transaction, Bert Kolde, who served as chairman of the Trail Blazers during the Allen era, will only attend board meetings and will not participate in any management or decision-making matters.

Dundon is also the majority shareholder of the NHL Carolina Hurricanes. The acquisition team members include:

Portland native investor, CEO of investment firm CollectiveGlobal, Hill Thiel

Chicago investor, co-president of investment firm BlueOwl, Mark Zahr

Founder and CEO of Freedom Mortgage, Stanley Middleman (also holds shares in the Philadelphia Phillies baseball team)

The Cheng family from Las Vegas (owners of Panda Express)

As a sports team owner, Dundon is known for willingness to invest heavily in players; after taking over the Hurricanes, he raised the team's salary from one of the lowest in the NHL to sixth in the league. His decisions are often based on data analysis, and his negotiation style is tough, ultimately securing $300 million in public funds for renovating the Hurricanes' home arena and signing a 20-year lease.

In Portland, the Trail Blazers are seeking $600 million to renovate the Moda Center. This arena is owned by the city government and has seen almost no major upgrades since its construction 31 years ago. In March this year, the Oregon state legislature committed $365 million for arena renovation. According to Oregon Public Broadcasting, this funding will come from income taxes paid by Trail Blazers players, arena-related businesses and performers, and workers involved in the arena renovation project. The media also reported that Multnomah County and Portland Mayor Keith Wilson have pledged funds to support the renovation, with plans to raise related funds through a rental car tax levy and allocation from the Portland Clean Energy Fund. Both county and city funding proposals require city council votes, and the voting dates have not yet been determined.

Earlier this month, Dundon sold 12.5% of his shares in the Hurricanes to three investors at a valuation of $2.66 billion, but remains the majority shareholder. He acquired the Hurricanes for $420 million in 2018 and became the sole owner in 2021. After taking over, the Hurricanes have made the playoffs for eight consecutive seasons, including reaching the Eastern Conference Finals last season; this season, the Hurricanes currently lead the Eastern Metropolitan Division.

Tom Dundon has reached an exclusive acquisition agreement with the Allen Estate Foundation, meaning the team will not negotiate with other buyers.

The Trail Blazers were founded in 1970 by Portland native Harry Glickman, who raised $3.7 million in expansion fees from three investors: Robert Schmertz from New Jersey, Larry Weinberg from Los Angeles, and Herman Sarkowsky from Seattle. Weinberg became the majority shareholder in 1975 and sold the team to Paul Allen for $70 million in 1988. In 2018, 65-year-old Allen died from complications of non-Hodgkin lymphoma, and his sister Jody Allen took over as team principal.

In May 2025, the Allen Estate Foundation announced that the team would be put up for sale, pledging that all proceeds from the sale would be donated to charity.